South Korea

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Property for sale in South Korea

South Korea is a nation of East Asia that occupies the southern half of the Korean peninsula and shares with North Korea one of the most militarized borders in the world. It is equally known for its green and hilly landscape, sprinkled with cherry trees and centuries-old Buddhist temples. Its capital is Seoul, one of the most populated cities in the world. It borders to the north with North Korea, to the west with the Yellow Sea (and then China), to the south with the Strait of Korea and to the east with the Sea of Japan.

The average selling price of property for sale in South Korea rose 0.57% despite the government's efforts to control the real estate market. According to the report data, the average sales price of property for sale in South Korea increased more this week than the 0.34% growth recorded a week earlier.

The last jump was the highest from 0.57% of the weekly growth recorded in the first week of February.

The increase came despite the government Monday appointing four departments in Seoul: Jongno, Jung, Dongdaemun and Dongjak, as speculative areas subject to financial and other regulations, bringing to 15 the number of areas subject to restrictions in the capital 25 neighbourhoods of the city.

Apartment prices in the city of nearly 10 million people have increased in recent weeks following the Mayor of Seoul Park Won, which soon announced a plan for the development of Yongsan and the financial district of Yeouido. The market must take a waiting position on the average price trend, which could be influenced by the government's fiscal policies. From January to August, the average price increased by 12.42%, rising above 11.44% on an annual basis.